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CNBC
Oct 3, 2012 8:00pm EDT
focus on your money and your taxes. >> unlike president obama, i will not raise tax on the middle class of america. >> i want to reform the tax code so it's simple, fair. >> the candidates' opinions couldn't be more different and the stakes couldn't be higher. >> their philosophy is if you don't are health insurance, don't get sick. >> now is the moment we can do something. and with your help, we will do something. >> cnbc's coverage of the first presidential debate of the 2012 presidential election begins now. >> tonight some of the most influential figures in the nation on the economy join us here on cnbc. >> we've got representative and hopeful ron paul with us. texas, from texas. he is of course outspoken about the federal reserve policies. robert reich is here with us tonight. also with us grover norquist. the man behind the no new taxes pledge so many republicans made. and bob lutz a former top auto executive. the auto bailout expected to be a big topic tonight. and we've got president of the aflcio. unions of course a major constituency. and roger altman. as you can see the lineu
CNBC
Oct 9, 2012 9:00pm EDT
of it while we starve to death. >> i believe we ought to make the tax cuts for the middle class permanent. >> we have now got both parties essentially telling a big lie, with a capital "b" and a capital "l," to the public. >> cut taxes. >> cutting taxes. >> make the tax cuts permanent. >> the republican party, as much as it pains me to say this, should be ashamed of themselves. >> this from ronald reagan's old budget director, architect of the largest tax cut in american history? >> it's rank demagoguery. we should call it for what it is. >> welcome to 60 minutes on cnbc. i'm morley safer. in this edition, we look at two of the topics dominating the american economic landscape: jobs and taxes. first, we meet with president obama's so-called jobs czar. then we visit a struggling town in the heartland. and finally, we take a look at a controversial income tax initiative in washington state. in the first decade of the 21st century, big american firms cut around 3 million jobs in the u.s., while adding almost as many overseas. no company went global more aggressively than general el
CNBC
Oct 2, 2012 7:00pm EDT
taxes in the middle class. it has been buried in the last four years. how in the lord's name. >> that is nodt a froidian slip. plus three stories that happen to break before the election. a leftist new york attorneyy general looking to bash banks and that is as phony as a $3 bill. also a judge strikes down pennsylvania's voter id law and the obama administration is telling companies it is okay to disregard the law when it comes to handing out pink slips in advance to big budget cuts. all three happening before the election. mitt romney has finally put meat on the bones of his tax reform idea. he floated the idea of a $17,000 cap on tax reform reduction. >> you could say everyone is going to get up to a $17,000 deduction. you can fill that bucket if you will and higher income people might have a lower number. >> this is brand new stuff. we have howard dean former vermont governor and candidate. and let's look at this for a second. what do you think? a $17,000 cap on tax deductions for everybody as a way of being fair because the upper end would pay more. what do you think? >> i don't have
CNBC
Oct 3, 2012 7:00pm EDT
mccain did not get down four years ago. i hate to say that. this is a choice between tax cuts and tax hikes. you need to make that case. now i want to hear from our panelists in the kudlow caucus. former clinton white house aide, keith boykin. rick lazio, former republican congressman from new york. rick lazio, i begin with you, good evening to you. >> hello, larry. >> this is a gigantic audience, the key issue of our time is still the economy and jobs. so far mitt romney has not been able to make the sale. that's what the polls show. that's why this thing is close. why hasn't he and what's he going to do tonight differently than he's done in the past. >> i think he's going to make the contrast with president obama, why expanding the pie is in the national interest. not redistributing an ever slowing economy but expanding the pie so everybody gets a job that wants a job, people's salaries are rising. i think he needs to lay out the picture, paint the picture for the audience, frankly, larry, of what america would look like after four years of pro-growth policies. more kid graduati
CNBC
Oct 10, 2012 3:00pm EDT
to suffer potentially from higher taxes and indeed reduced government spending. >> rick santelli, you heard that whole list of reasons. is that why we saw this ten-year auction today? people gobbling up ten-year government debt at these extremely low yields because they think they're not going to get much better elsewhere? sounds like people don't think there's a lot of growth coming. >> i think there's a little bit of truth in all of it. i'll bring up another point. i think october, a lot of mutual funds ahave the end of their fiscal year. it's been a good run for stocks. the spread between what the stock market is telling us and the economy is pretty wide. the election, depending how it turns out, could have a lot of implications. to me, it makes perfect sense the closer we get to the end of the year, the closer we get to november, people are going to be lightening up. it all makes sense. >> yeah, and mandy, you were highlighting earlier oil is lower, gold is lower. a lot of the base materials have been suffering as well today. >> yeah, that's absolutely true. you know, i think
CNBC
Oct 9, 2012 7:00pm EDT
bird and call romney a tax liar. it is coming up moments away. comings was horrible. was there anyone who thought that comings was going to be really good? see you tomorrow. hey, larry, what are you looking at tonight? *-*>>> our top story tonight, our first gallop poll has shocking news. it is no wonder that the president has spent the past debate week defending big bird and calling mitt romney a liar over tax reform and take a listen to mitt romney today. >> these are tough times with real serious issues. so you have to scratch your head when the president spends the last week talking about saving big bird. >> so it has been five years to the day that the dow closed at the all time high. but would a romney win get investors to move the dow? one out of every five americans have no religious affiliations? we begin this evening with this story that is happening right now. the government has continued it's vendetta against big banks. the government accuses the mortgage lender of reckless trifecta issuing at least 100,000 affected loans. this story comes as the cnbc.com story make
CNBC
Oct 4, 2012 3:00pm EDT
use the flag to get the rich to pay more than their fair share of taxes? >>> plus, face time for facebook. >> chairs are for people. that is why chairs are like facebook. >> why is the billion-member social media giant suddenly running ads? we'll update their status ahead on the "closing bell." ♪ [ piano ] you. we know you. we know that at times the basic things have felt like luxuries. that you had to earn the right to more. and that you feel real pride. introducing a car made better for you in every way. and built in america for thirty years. the all-new honda accord. it starts with you. ♪ i was downstairs making coffee, and we heard it. it just came crashing through the roof, out of nowhere. what is it? it's our ira. any idea what coulda caused this? maybe. i just sorta threw a little money here, a little money there. and i loaded up on something my dentist told me was hot. yeah. ♪ >>> pretty decent rally on wall street so far today. bob is in the middle of it all here at the new york stock exchange. >> hello, william. they're talking the bulls are out. they're talking a
CNBC
Oct 4, 2012 7:00pm EDT
last year promising $5 trillion in tax cuts that favor the wealthy. the fellow on stage last night said he didn't know anything about that. >> now larry, mitt romney is speaking this evening in virginia. we'll see both candidates in virginia and ohio over the next 24 hours. that will give viewers on television a chance to decide whether that was the real mitt romney last night or it was the real barack obama at the debate, larry. >> all right. many thanks, we appreciate it. >>> so mitt romney outhustled, outfacted, outenergized and outinformed president obama. msnbc's chris matthews, an old pal of mine, completely went off the rails. take a listen to this. >> where was obama tonight? romney, i love the split screen. staring at obama. addressing him like the prey. he did it just right. i'm coming at an incumbent. i got to beat him. you got to beat the champ and i'm going to beat him tonight. what was romney doing? he was winning. >> he sure was, chris. he was winning big time. so now that romney is on a roll, where does he run after last night's sweeping win? let's talk. here now is
CNBC
Oct 10, 2012 1:00pm EDT
going to make some people's blood boil. billionaires getting big tax breaks for buying up swanky condos in new york. swanky franky. robert frank on the story. >> very swanky. the tax breaks are amazing. the question everyone will be asking -- do billionaires pay $90 million for an apartment really need a tax break? a tax break aimed at low income folks? we'll dive into that issue next on "power lunch." [ male announcer ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies
CNBC
Oct 10, 2012 7:00pm EDT
obama and tell you why mitt romney's tax reform is pro-growth and it will not cost anything like $5 trillion. >>> plus, did president obama, hillary clinton and susan rice lie about the 9/11 benghazian attack? the latest sworn congressional testimony sure makes it sound that way. >>> first up tonight, let's do some stock investigation. fourth day of losses across the board. dow dropped 129 points. is the tepid earnings season to blame or are you guys missing a political revolution which will surround the economy? let's talk. we have mike holland, david goldman and michael farr. michael, i don't care about third-quarter earnings. that is so yesterday's news. i can't stand it. that is just so yesterday's news. it's boring. it's nothing. maybe the guidance has something to say. but the economy is not in bad shape. the economy is not in bad recessionary shape and a political revolution is coming and i want to get your take. after you get through taking profits, michael, what happens next? do you buy them back? >> i think you do a little bit, larry. i think there's certainly time to take
CNBC
Oct 8, 2012 7:00pm EDT
-- >> thank ronald reagan. >> absolutely. that's why romney's tax plan is want plan we need. lower rates broaden the base. it worked in '86, '87, '88. worked in '81 and '82. let's pause there for a second. >> thanks for the lead-in about reagan. >> romney has victory in the deba debate. every single poll shows he's picked up 5, 6, 7 points. some of these local battleground states picked up 8, 9 points. is does that change your stock market outlook from bear to bull? >> you get rid of obama care and 3.8% tax on investment income and get the tax on medical device makers, larry. >> i will bet you $20 right now. i'll make a romney $10,000 bet that obama care is not repealed. >> i'll bet you it will be repealed, but i'll buy a gift for your new daughter. >> thank you. >> if romney wins, which was not expected a week ago but is now more expected, if he wins what is the stock market impact? is it greater than earnings and the federal reserve? how do you assess a romney victory? >> what becomes important is the effect on capital gains and dividend taxes. we as investors view asset investme
CNBC
Oct 3, 2012 3:00pm EDT
do with its huge war chest and potentially devastating tax hikes? we'll drill to the core straight ahead. >>> and you heard it here first. >> look what mark did when he was at hp. people forget how much trouble hp was in when he took over. hp without mark herd, hp with mark herd, hp without mark herd. >> oracle's larry ellison said it here exclusively yesterday. today, hp gets hammered. another reason why "closing bell" is must-see tv. >>> and the man with the plan. mitt romney briefly unveils his version of tax reform ahead of tonight's presidential debate. but will it work to close the gap in the polls? we'll break it all down right here on the "closing bell." when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. >>> welcome back. apple helping to push the n
CNBC
Oct 4, 2012 12:00pm EDT
about favoring a cap on tax loopholes, and i think that's a great idea. i think it would, in fact, generate enough revenues to allow us to lock in on the bush tax cuts permanently. the question is whether the republican diehards who say no tax increase as whatsoever will sign up for that but we could have gridlock even if romney does win. >>> the stock which may be having its best week ever, plus one billion and counting. we'll get a status on facebook's budding friendships and what's in store for the nation's biggest retailers. we'll trade the newest monthly sales figures when halftime comes back. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea.
CNBC
Oct 4, 2012 2:00pm EDT
decisions. and as a result, we have policies on tax policies and health care that could disappear in six months, for all we know. i think there is a lesson that congress ought to take from the way the fed chairman operates. >> first of all, i think one of the things we learned, lockhart became a dub as well. we know less. i wonder if jon would chime in on the true feelings of the board members. what we do know is that the board members, i think invariably, vote with the chairman. i can't think of an instance where a member of the board of governors has dissented from the chairman. part of that is by design because the chairman gets to kind of approve or disapprove in a very -- in a way the nominations of the president gets to say, no, i don't like this guy, then can work against that nomination if they don't like the person. but in general he has seven votes with the full board he brings to the table. then he doesn't really that have much work to do to get a consensus. the question is what's a good number. do you really want to come to the market with a change in policy. what would i
CNBC
Oct 10, 2012 2:00pm EDT
they could all lose their jobs. the e-mail said if any new taxes are lev veed on me or my company as our current president plans, i will have no choice but reduce the size of this company. he said if obama wins, you can find me in the caribbean sitting on the beach with no employees to worry about. what makes this e-mail so explosive, david siegel built the largest home in america. he and his wife built versailles, a 90,000 square foot palace near orlando. story was first told in the high beta rich, my book. in a phone interview last night, david told me, "i hav enough money to last the rest of my life and for my children. still, he said he's being taxed to death and people like me who made all the right decisions are being forced to bail out all the people who didn't. he told me that he was trying to ed kuwait, not threaten, his employees, but what does threaten your jobs, he told them, is another four years of the same president. brian? back to you. >> just wondering, the guy built an obscenely large house. is he the subject of a documentary that's been sort of -- >> we have the
CNBC
Oct 4, 2012 6:00am EDT
trumped the so-called political zingers. among the topics that generated the most heat, taxes. >> i don't have a $5 trillion tax cut. i don't have a tax cut of the scale that you're talking about. my view is that we ought to provide tax relief to people in the middle class. but i'm not going to reduce the share of taxes paid by high income people. high income people are doing just fine in this economy. they'll do fine whether you're president or i am. the people having the hard time are middle income americans. under the president's policy, middle income americans have been buried. they're being crushed. >> for 18 months he's been running on this tax plan. and now five weeks before the election he's saying that his big bold idea is never mind. and the fact is that if you are lowering the rates the way you describe, governor, then it is not possible to come up with enough deductions and loopholes that only affect high income individuals to avoid either raising the definite it or burdeneni ing the middle class. it's hamath. >> another hot topic, the deficit. >> it's now four years lat
CNBC
Oct 3, 2012 4:00am EDT
its corporate tax revenue has tumbled. mariano rajoy issues the latest denial that he's ready for a bailout. >>> we now have the latest numbers crossing for the eurozone services pmi. the september final services read coming in at 46.1. an improvement that we have seen from the 46 number. this is still the lowest level we're seeing since 2009. the forward indication 49.4. in terms of what we're seeing on the final comp sit pmi, this is above the 45.9 read that we have, but just a fraction below what we saw in august, the rate was 46.3 then. this is the lowest read since may 2009. in terms of new business number for the composite september rate, 43.8. we're still right back at some of these 2009 lows. >>> elsewhere, the numbers are not that much better. lisa has more on these numbers out of china. >> official data showed china services sector fell sharply in september to its lowest level in almost two years. it shows the rest of the economy has started to feel the effect from the sluggish manufacturing sector. if you look at the breakdown of the services pmi, the construction service
CNBC
Oct 3, 2012 5:00pm EDT
we stop the huge growth of regulations and entitlements. he has been very specific. i think his tax program is pro growth. there is a lot of specificity and people look at it. it is the kind of thing the economy needs right now and that is what basic economics tells me. >> bernanke has sited your work as a big influence on current monetary policy yet mr. romney has said ben bernanke should be fired. are you advising that ben bernanke should get fired? >> i don't get into personnel issues. i would say on quoting different rules i think quantitative easing has not been helpful. i think we had good monetary policy in the '80s and '90s until recently. that is what we want to do. that is what the romney program is all about. >> john, i'm curious. there is a lot of talk about the evans rule and it is not quite the same as the taylor rule but it seems to go a way towards some of the things you have talked about in the past predominantly this idea of having more of a check on possible bubbles because i know you have been a big critic. what do you make of the evans rule and if it could be su
CNBC
Oct 10, 2012 4:00pm EDT
, quote, if any new taxes are levied on me or my company, as our current president plans, i will have no choice but to downside. you can find me in the caribbean sitting on a beach with no employees to worry about. what makes this e-mail so provocative is its author, david siegel. he's the man best known for building the largest home in america. he and his wife jackie built a 90,000-square palace just outside of orlando. he said it's about his workers. they would be the big losers if obama gets another four years. he told me he wasn't threatening his workers or even telling them how to vote, just to educate them before they pull that lever in 27 days. bill. >> robert, thank you. >> don't move, robert. we're going to bring in the ceo who actually wrote the letter. westgate resorts david siegel joins us now on the phone. also joining us is carly fior a fiorina, who sat at the top of hewlett-packard. we're going to get her reaction in a minute. first to you, mr. siegel. what has been the reaction inside your company from your employees? >> mostly positive. maybe the people that are negative
CNBC
Oct 4, 2012 4:00pm EDT
successful. this is the way to invest for transparency, tax efficiency, and yet it seems like vanguard keeps undercutting everyone on price. it s there a price war going on? >> not really because the market is evolving. first of all, fees are just one component of etfs. this is a stock. some etfs have much wider bid. that should be a component of how you analyze an etf cost. also, most etfs are indexed products. no one is focusing on what is the tracking error. i could tell you our i-shares etfs have far better tracking than our competitors. we've done a very good job. some of the products where there's a difference in fees, we have tracking -- a better tracking, as much as 40, 50 basis points. so i don't believe -- i think as etf become more kmodtized by nature, you're going to see a decline in prices. but the reality is that, you know, worldwide, we're the leader in etfs. we're the leader in europe. we're the leader in asia. we're the leader in south america. we still remain to be the largest leader in the united states. vanguard is a great firm. they're actually a big client of blac
CNBC
Oct 9, 2012 1:00pm EDT
candidates. simon, back to you. >> there fore, a willingness to for example, allow taxes to rise to do a deal? >> maybe -- yeah, exactly. maybe a little bit more willingness to do a deal, more awareness of the real world financial market implication of what they are talking about barack obama might be in a dealmaking, he is thinking about his legacy and kick off his second term. >> hope they do a deal eamon, thank you very much. >>> you might think silicon valley is thousands of miles away from the political action in d.c. but new technology and new companies are having a big impact on this year's political races. cnbc's julia bore citizen joins wuss a look at what they are doing and how they are trying to, julia to cash in. over to you. >> well, simon, some of facebook's biggest backers, sean parker, ben who are wits and peter thiel are betting that it can change politics the way facebook changes the people interact. who a horowitz and packer are on a board of a company that sell seles communication via e-mail . >> general purpose, prime-time software product and deliver at this to the
CNBC
Oct 8, 2012 6:00am EDT
blogosphere that he's got a lot of dough, and hasn't released any tax returns, zero tax returns i think. what did you find out, anything? >> billion in a prior story, not this story, when we looked at earmarks we did find earmarks that was very close to his undeveloped property. >> right, i saw a nice deal here on a land deal in 1998, 700 grand. anyway, just wondered. >> right, exactly. we have a whole host of stories that we've done that look more at this intersection between their duties and their personal assets and that's -- >> that's the best way, not with a couple of, you know, stock tips in congress. i like it ben they do the earmarks, where they buy something and then maybe check the former speaker, too. anyway, right? kimberly, thank you. appreciate it. >> thank you very much for having me. >> all right, see you. >>> oh, it's me. coming up, this morning's top stories set to foreboding music. the rails for the white house, both hitting the campaign trail. former governors face off in the issues and former hp boss carly fiorina, why she calls the board a serial dysfunction, and n
CNBC
Oct 5, 2012 2:00pm EDT
detail, not just lip service, in terms of retirement planning, estate planning, taxes, children, education, all of it. i think that's the reason. >> make men aren't dumber. i think they might be though. i'm not just saying that. are men more risky? are they more prone to take supd gambles? >> they tend to make decisions more impulsively. women tend to study the issues and the investments for a longer period of time and tend to make more considered decisions. >> obviously we have a big woman love-a-thon going on here. to level it out and be fair, i want to highlight a point made in the fidelity survey. it says despite managing more money on average, women nonetheless are still taking home less of it than their older male advisors. why do you think that is and what do they need to do to level that playing field? >> i don't know. i was actually surprised by that statistic also. possibly because they suggested that women are willing to cut their fees and such. but i don't believe that to be the case so i'm not exactly sure. possibly because of the asset allocation. but on the whole,
CNBC
Oct 8, 2012 4:00pm EDT
prices is only 70% of the price of a gallon of gas. there are other things, marketing, taxes, things like that. we don't know the cause but we know one thing, the oil companies fully integrated make more money when the price of gasoline is higher. so, it's certainly more than coincidental that the price of gasoline stays higher longer than the price of oil. there's no evidence to show that there's something -- that there's a legitimate effort by oil companies to keep gasoline prices higher. it is certainly suspicious and certainly profitable for the oil companies. >> sterling, what's going to get gas prices down? that's all people care about. they keep hearing oil prices are going down, yet they drive to the pump and pay $4.50 or $5 a gallon? >> well, you can work three end of it. you can work it, supply. you can work on demand. and we're doing both of those. and you can work it volatility, which is a huge, huge factor. as i said, gas -- most of the retailers in my area are independent retailers. they don't lock in long-term or can't lock in long-term oil/gasoline contracts. >> but h
CNBC
Oct 9, 2012 2:00pm EDT
. "i'm not in favor of a $5 trillion tax cut. that's not my plan." mitchell: "the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over 10 years." vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? ♪ ♪ ♪ [ male announcer ] introducing a reason...to look twice. introducing a stunning work of technology -- the entirely new lexus es. and the first-ever es hybrid. this is the pursuit of perfection. >>> we have got lots of sunshine today for a stock off nearly 70% year-to-date. talking about spectrum brands, very fitting name for sunshine. shares of the consumer products company soaring about 12%, in a deal to buy the hardware and home improvement group of stanley black & decker. the price tag? $1.4 billion in cash. >>> netflix had a rather amazing month, up about 18%. but it is our disaster du jour, which is re
CNBC
Oct 5, 2012 4:00am EDT
, it will be higher taxes, higher debt, and it will bei be not much else other than more government spending. and that won't make the difference. so i think fiscal uncertainty has to be removed in order for the corporates to spend the huge amount of cash that they're holding. and at this point not investing. the fiscal -- i don't want to call it the fiscal cliff because that's not so important. the question is getting certainty into the situation for corporates to invest again. >> okay, good to have you on on. plenty more to come from you. but what do you think the jobs number will be? let us know. e-mail or tweet us. so just over an hour into the trading day here in europe. let's show you where we stand. just weighted to the up side. pretty flat day for european stocks. 6:4 advancers currently outpacing decliners. we are a quarter percent higher on the ibex, as well. let's show you where we stand. yields are still below 6%. 5.8% mar begin alley higher. we'll keep our eyes on u.s. yields. we got down to 1.66 is where we stand at the moment on those u.s. ten years, as well. as far as
CNBC
Oct 4, 2012 1:00pm EDT
things that barack obama election promised was much higher capital gains taxes. he said he wants to move the basic level up to 20%. his affordable care act already puts a 3.8% cap. so we'd be going from 15% to 23.8% for hire earners on capital gains. mitt romney says he wants to repeal obama care which takes out the 3.8% and he will keep the capital gains level at 15% for high earners and 0% all together. what that means is the pressure to sell before the end of the year. because this is all going to hit in january. there was a lot of pressure to say, look, realize your gains this year so you don't get taxed at the higher rate. >> exactly. so i think romney's performance last night made people say, hey, maybe i don't have to sell right now. maybe i can keep going. that gives a boost to the market. >> let's bring in kenny right now. also, another reason maybe not to sell is the fact that this market has been kind of teflon coated. it keeps grinding its way higher. if you don't have to sell because of potential tax changes, go with the flow. >> i understand that argument. and as great
CNBC
Oct 8, 2012 2:00pm EDT
oil goes up or down. in turn, the refineries and the cost it takes, taxes, transportation, all of that is loaded in to the price of a gallon of gasoline. you can't go blame being the oil companies when gas is $3.86 a gallon nationally. >> jane, what is happening on the ground in california? any relief? sight? >> well, it's supposed to be but we're not seeing it at the pump. last week it seemed almost hourly these gas station owners would take their lives in their hands going out to change prices. we've seen prices drop dramatically. price hasn't changed here at costco. still cheaper than the national average but it is not changing right now. this is a map of what some say is the real problem here -- california's lack of refining and production process. look at how few pipelines there are coming in to california. you should see on this map all the pipelines around the u.s. so few coming in to california. so when you have a pipeline problem like we've had had, you've had some refinery problems like you've had and low inventories because of the way of california does its own gasoline
CNBC
Oct 10, 2012 6:00pm EDT
office. i"i'm not in favor of a a$5 trillion tax cut. that's not my plan." mitchell: "the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over 10 years." vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? >>> it is time. it is time for the "lightning round." on cramer's you say the name -- >> buy, buy, buy! >> sell, sell, sell! >> when i play this sound -- [ buzzer ] >> -- and then the "lightning round" is over. are you ready, skee-daddy? let's start with dave in michigan. dave? >> caller: hey, jim, big detroit tiger boo-yah to you. >> nice. good luck. what is up? >> caller: hey, jim, agnc. i've got it in my retirement fund, and it's been dropping like a rock. and they're saying it's because of qe3. what do you think? >> look, there are issues involving the fact that these particular mortgage real estate investment
CNBC
Oct 2, 2012 6:00am EDT
done under the law to maximize profits and minimize taxes. they got him ted dead to rights again. i don't know if any american cares. do you remember how the kennedys made their money? >> i think there was some boot legging. >> might have been a little boot legging. john kerry married and then left his yacht in providence or something, didn't he. and then john edwards flipping his magnetic business card at all the ambulances going by made $80 million. it's weird, isn't it? >> he was a good lawyer. >> and a hell of a human being, too, johnny. we have ten seconds. >> i don't think additional incremental disclosures about offshore investments will make a big deal. >> all right, my friend, thank you. >>> when we come back, we'll get to kevin ferry from the cme, we'll find out what's most likely to drive action on the second day of the quarter. smart comes with 8 airbags, 3 a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. monarch of marketing analysis. with the ability to improve roi through s
CNBC
Oct 5, 2012 6:00am EDT
bush tax cuts, we're going to do this, have sequestered stuff or whatever and so that's going to hurt. >> how would he triangulate if he wins and they lose some of the house, say the democrats keep the senate, how would he triangulate to work with the other side? you don't think he'd let them go for another year or two? >> eventually he's going to have to, but he's going to get pushed into it and things are going to happen that are going to scare the heck out of us before we get there. >> what if romney, how does he screw it up? >> if romney wins it will look like, the stock market is going to say this is great, go up for a little while and people are going to say wait a second, this is austerity. it's going to look like the uk, look like europe. >> because we're 25% of gdp, he's not going to let us stay there, right? >> exactly. >> you'd see many more cuts if he's in, is that good long-term? >> much better long-term. you could argue that's what we ought to do. what we ought to do is painful, but that's where eventually you have to go. europe is going that way already. japan went
CNBC
Oct 3, 2012 1:00pm EDT
about a plan that romney hs apparently floated for basically a $17,000 cap on tax deductions for americans. explain it. you've crunched the number. what's the headline here? >> tyler, the headline here is that the romney campaign e-mailed me this morning on this. they say they want to make very clear this is not a specific proposal from governor romney, that he's just floating one idea among many. the idea that he's put out there though would be a $17,000 cap on deductions. you could take your mortgage deduction, charitable deductions or other deductions up to $17,000, and then no more. that would definitely raise taxes on some taxpayers, even if romney's able to bring the overall tax rates down, which he says he wants to do. who gets hurt in this scenario? people with huge mortgages. people who donate a lot of money to charity and people who have overall high deductions. they might lose more here than they gain by the rates being lowered overall. that is who's going to get squeezed under this proposal but the romney campaign saying not a specific idea, just kicking around things
CNBC
Oct 9, 2012 9:00am EDT
incredible? they are still worried about carbon taxes. they have to take the carpet tax up before the carbon tax. >> i gotcha. >> the carpet tax. >> animal crackers? >> no, no. >> duck soup? oh, man, is that terrible. >> part of the imf forecast, jim, bringing the numbers down for the global economy has been austerity does not work. >> it doesn't work. but that's paul crudeman who says it. i pet you paul crudeman believes in the 7.8 number, the big phony number. i bet you crudeman believes in it. how is that the focus of the discourse? i'm trying to make it alcoa. look, the imf is saying the obvious. the world bank is saying the obvious. if you continue to call for austerity you can't get growth. it's like, look, you want growth or want austerity. lyndon johnson, guns and butter equals inflation. if you just -- they are not doing guns or butter. if they are not doing margarine, they aren't doing machine guns. >> then you start again but they can't do that. >> we are devalued better than they are devalued. >> you would think we would be but the dollar is much stronger given anticipatio
CNBC
Oct 4, 2012 5:00pm EDT
eliminate the exercise tax? wouldn't that be good for medical devices? going forward, however, in this $500 billion plus spend in the medicare program, $400 billion plus in medicaid, it is going to come out of devices to a large extent. >> it was a great story to this spring, fantastic stock taken out to the wood shed. >> can that rally continue? >> i think so. they mispriced earnings in the first quarter and guided down in the second quarter and had a nice rally. it depends on how they guide for 2013 and there should be growth in there regardless of whether it is bam obama and romney. >> do you think the stocks will predict the victory and the polls? >> the stocks told us the surprising outcome prior to the official decision being announced. >> so when it comes to the polling i think the day before the wall street journal poll the stocks rallied a little the polls were closer. so i see that happening. i think there will be a lot of vol atility with the debates. >> reduced expectations for certain web games. ceo saying the third quarter continues to be challenging. take a look at faceb
CNBC
Oct 4, 2012 4:00am EDT
mostly over the u.s. economy focusing on taxes, the deficit, remaking head care and job creation, too. romney came out on the offensive, casting the president as a proponent of big government and spending. he would raise taxes on small businesses and obama, though, accused his rival of trying to double down on policies that led to the recession and financial crisis. >> the president has a view very lar similar to the view four years ago. spending more, taxing more, regulating more, trickle down government would work. >> the genius of america is the free enterprise system and freedom. and the fact that people can go out there and start a business, work on an idea, make their own decisions. but as abraham lincoln understood, there are also some things we do better together. >> so the vice presidential candidates, paul ryan and skrjo biden will meet for their only debate next week. president obama and mitt romney head back out to the campaign trail today where the president making stops in colorado and wisconsin. romney will travel to virginia. let's get a bit more into this debate. join
CNBC
Oct 4, 2012 9:00am EDT
and economic record. president arguing romney's plan on taxes and the deficit are the same types of ideas that caused the recession. here's what romney had to say about tackling the ballooning debt. >> i think it's not just an economic issue. i think it's a moral issue. i think it's frankly not moral for my generation to keep spending massively more than we take in, knowing those burdens are going to be passed on to the next generation. and they're going to be paying the interest and the principal ail their lives. and the amount of debt we're adding at a trillion a year is simply not moral. >> jim, that's a message that is probably pretty effective to a middle-income voter in ohio or pennsylvania. but i know last night you were all about the things that were said about coal, things that were said about solar, and there were a million trades in there last night. >> at jim cramer on twitter, i try to come to play with what i can do, which is that if you wanted to know specific stocks to buy off this, of which by the way, there were many, if you felt that obama were to lose and romney
CNBC
Oct 3, 2012 2:00pm EDT
different tax structures depending on who's elected so the extent of the difficulty will be determined by who wins the election. but at least right now while we assume that the markets priced in an obama victory i honestly think the market right now has its eyes on earnings over the next four weeks and when the election comes, they're going to deal with that election. we've all talked so much about these fiscal issues but either way, whether for good or bad, they're going to get resolved the first tuesday in november. regardless of who wins. so i think earnings right now are driving things but, yes, i agree with art that at least for the last two months of the year a romney win will lead to a rally in the market. i think an obama win will just continue to focus on what's going to be very difficult third and fourth quarter earnings which could lead us lower. >> it is nice to hear that actually earnings may matter for stock prices. that is a shock of shocks, peter. >> thank you. >>> be sure to catch tonight's first presidential debate right here on cnbc. the pre-game show, if you will. star
CNBC
Oct 5, 2012 7:00pm EDT
taxes by $8 trillion." guess what? yes, we do in one regard. >> how they can justify raising taxes on the middle class has been buried the last four years. >> we want to bring on a special guest reince priebus. there's biden with a trillion dollar tax cut. the wonderful thing, there's the second one also, he said the middle class has got i don't know buried. they have gotten buried in the past four years. who's responsible for that? >> yeah, right. you know, it's amazing, these guys act like they must be living in an alternative universe. they forget the fact and i think president obama had this epiphany as well on stage wednesday night, they forget the fact that guess what, guy, president obama and joe biden, you guys have been in charge for the past four years. so all of your whining and all of your complaining, you can just look right in the mirror and figure out who's to blame because they're the ones that have been in charge. so, yes, the middle class have been buried. the other piece, the first part of that sound bite from joe bide on the fact that, yes, they want to raise taxes
CNBC
Oct 8, 2012 9:00am EDT
electorate goes, you're going to see the deficit reduced either by tax increases or public spending cuts or a bit of both. and i do think the intrenched positions you've had the last year and a half will in the send cause someone to blink, either the administration or congress because ultimately neither will want to push the u.s. into an unnecessary recession next year. the answer is, yes, i expect some compromise. may seem foolish given the behavior of washington in the last few quarters. but having said that, i do think you're going to see some compromise. and ultimately, although it has hurt the market, it won't be too much of a negative going into next year. >> some may argue the more important elections in the next few weeks are the spanish regional elections on the 21st, which may trigger or allow spain to then ask for a bailout. do you think that's the event to watch as opposed to -- earnings season is great, it's not going to be a headwind in your view. but do we really need spain to request a bailout in order for us -- the equity markets to move higher here in the u.s.? >>
CNBC
Oct 3, 2012 6:00am EDT
performance considering the fact that we had some worse economic news again. we saw that corporate tax has dropped by about a third from precrisis levels, basically small businesses are just not growing in this environment and big businesses are chasing profits abroad. so the government is just not getting the tax take on that front. in the asset classes, you can see some of the levels not that good at the moment. bundes still attracting a lot of attention. we've been waiting on spain to fishlgly l-- officially ask fo that aid. nonetheless, we're not seeing too much pressure on the periphery, 5.75%. let me send it back to you. >> thank you very much. the first presidential debate. john harwood is on the ground in denver. he joins us with the latest nbc news "wall street journal" poll. it looks like things are starting to even out at least a little. is this the bounce that president obama got after the democratic convention coming back down? >> well, i think it's the bounce from the convention and the surge that he got on top of the convention with that 47% video, so there is some good news
CNBC
Oct 8, 2012 1:00pm EDT
and its taxes. but when you saw these doors open earlier today, thousands of people streamed in within minutes. obviously there is a lot of demand of what's going on here. they're here for one thing and one thing only -- that's to gamble. one-third of all the money made to penn national gaming goes back to the state and city in taxes. the city of columbus expects to get at least $15 million directly next year and that will go a long way. of course, interestingly when you spoke to t i spoke to the city's mayor today, he was just as focused on job creation. the city needed 3,500 workers to build it and 2,000 employees . >> the more jobs you have in a community, the more income there is to the city. >> ohio's considered a swing state. right? but unemployment here has been running well below the national average. we look at a few dealers doing their thing here. been below the national average for a while. looks like today a lot of people played hookie. at least 5,000 people have been here. there are a few notes of caution. number one, the two casinos that were open in 2011 already reported
CNBC
Oct 8, 2012 12:00pm EDT
to turn over with potential tax increases into next year. the energy call is pretty customary. clearly the obama administration would like to pursue more regulatory policies towards traditional energies where the romney administration would certainly be more friendly towards traditional energy which is a bigger part of the s&p 500 index. financials would benefit under a romney administration due to the perception that some of the more onerous components of dodd-frank may not come to light. >> the financials have had many, many months to prepare for dodd-frank. they know what's coming down the pike. so is it going to make that much of a difference in an obama administration even in an environment where the overall health of the market improves, the economy improves, so financials may do better regardless of who is president next? >> may but i think financials are going to struggle in an environment where investment sensitivity is -- investment spending is starting to deteriorate. one of the other big key takeaways from our survey was just the impact of the current administratio
CNBC
Oct 7, 2012 7:30pm EDT
raise taxes and close loopholes. uh got to have all the three working in concert to de-leverage out of the system we are in. $40 billion makes sense to me. qe3 makes sense to me up to a point. i did note in the minutes that i would read from the minute that is if unemployment is above say 6.5% and inflation is below 3%, you're going to continue to see qe3 from one month to the next, but one you are getting close to the numbers they will start to shut it down. $40 billion a month will inflate the monetary supply by 15% a year. that's not something we are accustomed to seeing. we are de-leveraging but at some point inflation creeps into the process. >> tom, what about the civil suit that we saw this week, the civil suit by new york state attorney general against jpmorgan chase, they are alleging widespread company by the bear stearns business by the sale of mortgage-backed securities back in 2008. first, do you think this is a day late and dollar short and is it fair to target jpmorgan chase since they were forced to acquire the company during the financial crisis? >> it is always tou
CNBC
Oct 9, 2012 4:00am EDT
have cut back in benefits and salaries to public employees. can they actually collect more taxes. can they actually reform the economy. that's the big unresolved questions. >> how close is greece being in an unsustainable position? they have moved in the right direction to n. regard to labor costs. is that enough of a difference? >> i think it matters a lot to their position now the debt has changed the nation and becomes more political and less of a market issue. so i do think at some point there will be a plig group to show that they can sustain and for the europeans to realize that 180% debt to gdp is not sustainable at any point in the future. >> just a programming note, coming up, we will be joined by former greek finance minister geor george. and take a listen to what he had to say at the height of the greek crisis. >> we never asked nor are expecting any kind of a bailout. rear reducing the civilian growth program. it's a front loaded program. >> we want basically a loaded gun to be on the table and hope we never have to use it. >> we're fully aware that this is a program that
CNBC
Oct 8, 2012 4:00am EDT
to live within its means and at the same time has a tax system that attracts international businesses to britain p. and one of the encouraging stories is 20 of the largest companies are moving some of their head quarters to the uk. >> but low yields aren't giving us growth. >> all western countries are facing the issue of how they pay their way in the world and how they grow. if you look at the uk, a million jobs in the private sector over the last couple of years and we'll go on making reforms to our tax system to make this the competitive place to come and do business. >> meanwhile britain's largest businesses are adopting more defensive strategies. this is one of the latest findings of the deloitte cfo service. they were asked what their views are on the current operating environment. joining us with more, chief economist at deloitte. good to see you. i suppose we had a record second quarter of declines. >> confidence went through the floor back in june on the result of what's going on in the euro area. you've seen a bit of a bounce. risk appetite up is bit so i think cf
CNBC
Oct 2, 2012 3:00pm EDT
time we had hoped, tax free. i'm very proud of the team, including my ex-cfo. they really put together a good plan with alibaba. which ever way they do it, probably share buy back, i actually have no idea, that's good for the shareholders. >> you know, it seems to me that it's a real crux or sort of a dilemma that you face when you're in technology and sort of a proponent of, you know, information flow across the world and dealing with a government that withholds information. how do you balance that? of course, i'm talking about the chinese. >> well, that was actually, you know, there were a lot of issues around that. not only with alibaba but also with all of the users in china. to make sure that we were doing the right thing for everyone relative to freedom of information, so that's not going to go away any time soon. it's just going to have many chapters. we're probably only in chapter three. >> what a tremendous fall. i mean, shareholders obviously, yourself included, have watched the company lose a tremendous amount of market value. you think yahoo! can get it back? >> i
CNBC
Oct 4, 2012 6:00pm EDT
president about corporate jets. >> why wouldn't we eliminate tax breaks for corporate jets? my attitude is if you have a corporate jet, can you probably afford to pay full freight, not get a special break for it. >> now watch romney on defense. >> finally, military. the president's re-elected you'll see dramatic cuts to our military. the secretary of defense said these would be even devastating. i will not cut our commitment to our military. >> if you're like me, you realize the general dynamics is at both of the issues. if president obama is going back to that 2009 rhetoric, gulf stream jets could be hammered. when you think of big defense programs that could be boosted by a romney presidency, go no further than general dynamics. you can see a real hit to earnings if the budget cuts become a reality. romney is green lighting lockheed martin and gruman. now about half way into the debate romney gave us a fabulous short idea with this clip. >> you put $90 billion, like 50 years worth of breaks into solar and wind to solyndra and tesla and i had a friend who said you don't just pick winne
CNBC
Oct 5, 2012 4:00pm EDT
when harry reid took to the floor of the u.s. senate and accused governor romney of not paying taxes for ten years. last week, nancy pelosi implied that there was no security at the embassy in libya was because the republicans had employed cuts in that area. they understand the economy is not helpful to them. i would remind the governor that the republican congress has spent many, many job creating bills to the democratically controlled senate and harry reid has refused to let them get to voted on. >> governor romney, the consensus is he came out ahead in the debates. do you think he's going to be able to sustain that momentum? has he energized the base? >> he's clearly energized the base. i was just in denver speaking to a conservative group there. i've been doing some women for romney events. people are clearly very fired up. what they saw was a fantastic debate performance by governor romney. what they also saw was a contrast between someone and governor romney who understand the fooacts and could relate th to every day people's lives. president obama, it wasn't just that his perf
CNBC
Oct 5, 2012 1:00pm EDT
paid no taxes. if this were to be true -- >> tyler, tyler, tyler -- >> if this were to be true sir. >> tyler, stop. >> let me finish my thought. >> did the workforce participation rate change? no. it's still a 30-year low. did the u6 computation 14.7% change? no. so how is it that we had a drop of .3 percentage point on the unemployment rate if these other statistics which related to that do not change? and don't challenge my intelligence, because i tell you, it wasn't too long ago that we were being told that a video was the imminence for this spontaneous attack that ended up killing an ambassador. so there are a lot of questions that come out of this administration. i'm not talking about impeachment. i just want someone to come clean with the process and methodology because there is a lot of inconsistencies. >> congressman, thank you very much. we appreciate you being with us. >> you have a great day. >> you, too. >> absolutely. >>> meantime, gentlemen, a number of media organizations have been reporting about how the white house may be trying to convince defense contractors not
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